If i grab my T-Mobile sim that's currently on unlimited data for my iphone, and stick it in my ipad. Will it work, as in, it will use my phone sim card for the data portion

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I would be interested to know this too. I would think it will not work. There is a reason they have separate phone and tablet plans. If you do have to get s Sim. T-Mobile is $10 for 5GB LTE on the tablet plus the 5GB your unlimited plan includes.

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